The New Year is in full swing, but you’ve hopefully got jobs booked well into the new year. As you look ahead, consider adding ‘make sure I’m not underinsured’ to your 2024 to-do list.
What’s underinsurance?
We’re glad you asked! Underinsurance happens when you do not have adequate insurance limits or the right types of insurance to cover losses when you make a claim.
Your cover limits might have suited your business when you first took out a policy, but they may no longer be enough. If you’ve added services to your offering or your business has changed a lot since you started, you may also have new risks that aren’t covered.
SEE ALSO: Tradie Tough Tests
Check your policies
So, what can a tradie do? Start by checking your current insurance policies.
Consider if the amount of cover you have would be enough to get yourself back to business as usual. Inflation might make replacing damaged tools or stolen supplies a lot dearer. You may need to adjust your Portable Equipment* or Contents* cover (options available in most Business Packs) in response.
Also, think about how your business has grown and changed. You might want additional types of insurance, like Theft, Tax Audit* or Cyber Liability*, to address new or growing threats to your business.
Switch & save with BizCover
Remove underinsurance dramas before the new year! With competitive pricing and no paperwork, BizCover can have you covered online in minutes.
You could even save money, too. Like John, who saved $600 on a Business Insurance Pack for his Victorian based plumbing business†.